The City of Covington is excited to share the recent announcement by Governor Glenn Youngkin that, the City of Covington in partnership with The Advancement Foundation, was one of six communities across the state of Virginia selected through a highly competitive process to receive a Community Business Launch (CBL) grant in the amount of $50,000.00. CBL projects are administered by the Virginia Department of Housing and Community Development in close collaboration with local partners. The CLB program trains entrepreneurs and small-business owners on business planning practices, culminating in a group of finalists pitching their ideas to a panel of judges with winners receiving grant funding and support services from the community to kick-start their new venture. The $50,000 grant in the City of Covington will multiply business development training and utilize local and regional resources to enable new or existing businesses to accelerate growth and success through The Advancement Foundation’s Gauntlet Business Program and Competition™.
The City of Covington, in collaboration with The Advancement Foundation, aims to diversify its retail business mix with a focus on potential markets for downtown retail businesses, hospitality, and small-scale manufacturing. As part of this assessment, the city has identified businesses with value-added products who are ready to expand. The City of Covington’s Gauntlet Community Business Launch Program serves as a catalyst to fill some vacant storefronts and available properties with start-up ventures and to build capacity. At completion of the 2024 CBL program, The GAUNTLET Business Program and Competition™ in the City of Covington will create or expand 3 businesses and create at least 5 jobs.
The City of Covington is excited for this grant opportunity to help further development and implementation of the City’s small business economic strategies. “To be able to provide this resource to entrepreneurs in our community who want to start or scale a business in the City of Covington’s business district feels like a win/win for our community and the entrepreneurs whose innovation and commitment make our community so special. We are looking forward to working with The Advancement Foundation and many other local and regional stakeholders to ensure that the program is successful.” Allen Dressler.
Now in its 10th year, The GAUNTLET is Virginia’s largest business program and competition program, and offers a proven formula to develop business knowledge, pair entrepreneurs with mentors, and open up numerous resources for new and expanding businesses. The GAUNTLET program has served nearly 1,000 entrepreneurs across Virginia, has a mentor network of over 300 business professionals and industry experts, and has awarded over $7 million in resources including grants, cash, and in-kind prizes.
“Small business is the backbone of community vitality,” says Annette Patterson, President of the Advancement Foundation. “Together, community leaders, resource agencies, and entrepreneurs across the region are joining forces to engage local assets that will provide support for innovation and business development. We are accelerating business success by shortening the learning curve for business owners, connecting entrepreneurs to knowledgeable business strategists, and providing needed resources to implement innovative strategies for growth. The GAUNTLET is the platform by which we can bring all the pieces of the puzzle together quickly, while building a strong entrepreneurial ecosystem. This program and competition are more important now than ever.” The GAUNTLET program and competition invites entrepreneurs wanting to start or expand their
business in the City of Covington to register for this highly targeted effort.
Other regional partners that are GAUNTLET participants include the Alleghany Highlands including Covington and Clifton Forge; Botetourt County; Troutville; Fincastle; Buchanan; Rockbridge County; Lexington; Glasgow; Buena Vista; Roanoke City; Roanoke County; Bedford County; Bedford; Big Island; Smith Mountain Lake; Forrest; Floyd County; Roanoke County; Vinton; Martinsville; Henry County; and Southwest Virginia including Wise, Dickenson County, City of Norton, Wythe County, Lee County/Ewing, Scott County, Tazewell County, and Washington County; and beyond.
The GAUNTLET includes business training, mentorship, scaling strategies, and much more! Entrepreneurs participating in the City of Covington’s CBL program will compete for multiple prize packages including at least $40,000 in cash and an additional pool of in-kind awards which will be
identified and developed based on specific entrepreneur needs that are identified during the course of the program with mentor assistance.
Virtual classes will be held for 10 weeks, every Tuesday evening starting January 30, 2024, from 6:00 – 7:30 pm.
The GAUNTLET application is now open and available online. To access the online application, FAQ, and schedule, please visit https://theadvancementfoundation.org/the-gauntlet.
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